MILITARY ECONOMICS AND THE INNOVATION ECOSYSTEM OF UKRAINE: CHALLENGES, OPPORTUNITIES, AND INVESTMENT POTENTIAL

Анотація

This paper examines the transformation of Ukraine’s wartime economy during the full-scale war, focusing on the rise of a defense‑oriented innovation ecosystem and its investment implications. The DefenceTech sector is analyzed as an innovation system that integrates state demand, private entrepreneurship, venture capital, and international cooperation. The study outlines the ecosystem’s structure, key stakeholders, technological clusters, and investment mechanisms, emphasizing the role of battlefield validation in accelerating innovation cycles. Based on case studies in unmanned systems, C4ISR, electronic warfare, robotics, and dual‑use technologies, the paper identifies typical valuation models and investment multipliers. Software and data-centric technologies demonstrate high scalability, while hardware‑intensive segments retain strategic importance. The study also provides a scenario-based assessment of risks and opportunities and offers recommendations for international investors. This paper makes an original contribution by conceptualizing Ukraine’s wartime transformation as an Agile Wartime Innovation Economy (AWIE). Unlike traditional wartime mobilization models, AWIE emphasizes decentralized decision-making, rapid iteration, continuous battlefield feedback, and the integration of defense-induced innovations into civilian economic structures. In conclusion, Ukraine’s military-innovation economy represents a case of accelerated technological development under extreme conditions, generating asymmetric investment opportunities and contributing to the broader scholarly debate on defense-induced innovation.

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